TMI Blog2015 (8) TMI 659X X X X Extracts X X X X X X X X Extracts X X X X ..... Consequently, the Court is not inclined to interfere with the conclusion of the CIT (A), which has been affirmed by the ITAT in the impugned order in the impugned order, that the CIT should be deemed to have granted the permission as prayed for by the Assessee. - Decided in favour of the Assessee. Whether in view of Section 80HHC (2), the ITAT could have allowed the benefit thereunder beyond the period of 31.12.1991 when the Assessee himself applied for extension only upto that date? - Held that:- The court finds merit in the submission of Revenue that Assessee itself having sought permission for extension of time to realise the export proceeds in convertible foreign exchange only up to 31st December, 1991, the CIT (A) was not justifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to the Commissioner of Income Tax (Delhi-VI) on 30.09.1991 seeking extension of time to recover the export proceeds in convertible foreign exchange beyond the period stipulated under Section 80 HHC(2) of the Act. It was pointed out that a number of the Assessee s foreign bills remained outstanding at the close of the accounting year ending on 31st March, 1991and therefore time should be extended to receive such payments after 31st December, 1991. 3. Admittedly, the above application was pending with the CIT and was not disposed of. 4. In the absence of the permission being granted by the CIT, the AO allowed the 80 HHC (2) only the extent of the export proceeds recovered up to 30th September, 1991. By order dated 14th November, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the present case, the Court is not inclined to interfere with the conclusion of the CIT (A), which has been affirmed by the ITAT in the impugned order in the impugned order, that the CIT should be deemed to have granted the permission as prayed for by the Assessee. 8. Question No.1 is, therefore, accordingly, answered against the Revenue and in favour of the Assessee. 9. However, as far as the second question is concerned, the court finds merit in the submission of learned counsel for the Revenue that Assessee itself having sought permission for extension of time to realise the export proceeds in convertible foreign exchange only up to 31st December, 1991, the CIT (A) was not justified in extending the time beyond the 31st December, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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